A New Keynesian Workbook

23 Pages Posted: 6 Feb 2007 Last revised: 15 Feb 2009

See all articles by Pavel S. Kapinos

Pavel S. Kapinos

Federal Reserve Bank of Dallas--Financial Industry Studies

Date Written: January 30, 2009


A large literature has recently developed to place the New Keynesian framework for analyzing business cycle fluctuations and the conduct of monetary policy into undergraduate economics curricula. New Keynesian models offer several attractive modeling aspects: straightforward linear specifications or structural relations, intuitive and clear dynamic properties, derivation from microfoundations. This paper provides a description of an Excel-based application that presents several versions of the New Keynesian model: static, with adaptive expectations, and with rational expectations. The latter two versions also provide dynamic descriptions of variables' evolution in terms of impulse response functions.

Keywords: New Keynesian model, impulse response functions, inflationary expectations

JEL Classification: A22, E52, E58

Suggested Citation

Kapinos, Pavel S., A New Keynesian Workbook (January 30, 2009). Available at SSRN: https://ssrn.com/abstract=961168 or http://dx.doi.org/10.2139/ssrn.961168

Pavel S. Kapinos (Contact Author)

Federal Reserve Bank of Dallas--Financial Industry Studies ( email )

2200 North Pearl Street
PO Box 655906
Dallas, TX 75265-5906
United States

HOME PAGE: http://https://sites.google.com/site/pavelkapinos/

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